RBA rate decision, services PMI, currencies, oil

SINGAPORE — Shares in the Asia-Pacific opened higher as investors look ahead to the Reserve Bank of Australia’s rate decision.

The Nikkei 225 in Japan gained 0.92%, while the Topix index rose 0.59%.

South Korea’s Kospi increased 0.52%, and the Kosdaq advanced 0.94%.

In Australia, the S&P/ASX 200 was mildly higher.

The Reserve Bank of Australia is expected to raise interest rates by 50 basis points later today, a Reuters poll predicted. And retail sales data is also expected today.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.17%.

Elsewhere in the region, South Korean data released Tuesday showed the consumer price index in June rose 6% compared with the same period a year ago. That is slightly higher than the expected 5.9% increase and the fastest annual rise since November 1998, according to Reuters.

Japan and China are set to release services Purchasing Managers’ Index readings on Tuesday.

In company news, a group of lawmakers in the U.K. are reportedly calling for a ban on Chinese CCTV makers Hikvision and Dahua over alleged links to human rights abuses.

U.S. markets were closed overnight for a holiday.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 105.115.

The Japanese yen traded at 135.87 per dollar, after briefly weakening past 137 against the greenback last week. The Australian dollar was at $0.6872, following a recovery from below $0.679.

U.S. crude futures gained 1.51% in Asia’s morning trade to $110.07 per barrel, while Brent crude futures declined 0.23% to $113.24 per barrel.